Bill > S0246

This bill revises Florida Statutes related to firefighter and police officer pension plans, primarily by requiring that all such plans meet specific minimum benefit and funding standards outlined in Chapters 175 and 185 of the Florida Statutes (F.S.) in order to receive insurance premium tax revenues. It also introduces new definitions for terms like "additional premium tax revenues" and "base premium tax revenues" to clarify how these funds are distributed and used. The bill modifies how firefighters' pension trust funds are created and maintained, and it allows for deviations from the standard premium tax revenue usage under certain circumstances, specifically through mutual consent of the involved parties (union or members, and the municipality or special fire control district), provided the minimum benefits and standards are still met. Additionally, it updates the calculation for retirement income, increasing the percentage multiplier for credited service from 2% to 2.75% for both firefighters and police officers, while also providing provisions for existing plans that may not meet this new standard. The bill also mandates the inclusion of a defined contribution plan component within local law plans by October 1, 2014, and clarifies the use of premium tax revenues for both defined benefit and defined contribution components.